SKYLAND — Buncombe County government recently bought almost 30 acres for what will be a mostly wild, mountainside park, but it will be at least a year before the public can use it.
The county learned recently that its application for just less than $100,000 in state grant money to build a parking lot and install gates and signs for the park was unsuccessful, said Lucy Crown, county parks planner.
The county Parks, Greenways and Recreation Services Department does not have money in its budget to pay for those improvements itself, she said.
The property is located to the northwest of the St. Andrews section of Brookwood subdivision between Sweeten Creek and Mills Gap roads.
The tract is one of only a small number of wooded, undeveloped larger parcels in the Arden-Skyland area not overtaken by growth.
Robert and RaeAnn Collier bought the land in 1969 as a place for their 10 children to play.
Their children are all adults now and the Colliers sold the property to the county late last month for $300,000 a substantial discount from its appraised value of $561,162 so others can enjoy it.
The county plans a 15-space parking lot on Rhododendron Drive in the Royal Pines area and pedestrian access in Brookwood.
Most of the property on the southeast slope of Brown Mountain would be left as is with the exception of signs along the roughly 2.5 miles of hiking trails on the tract, also to be paid for with grant funds.
The countys application for state Parks and Recreation Trust Fund money failed in large part because the county does not have a formal master plan for the property, Crown said. She will draw one up between now and the beginning of the next window to apply for money from the trust fund early next year.
Not getting the money is a bit of a setback, but well be OK, she said.
Members of the state General Assembly have, however, discussed cuts to the fund, so it is uncertain how much money will be in it when Buncombe County applies again.
Nearby resident Catherine Fay said she is disappointed the grant money did not come through, but encouraged that the property is now in county hands.
Thats the best news and the other things that we need to have happen will come in time, she said. I just hope we can find the money somewhere.
Money Advice Group Secures First Acquisition - bdaily.co.uk
Money Advice Group, one of the UK’s leading financial solutions companies, has acquired No Debt Now, a debt management company based in the North West.
The No Debt Now purchase comes on the back of Money Advice Group’s recent £10 million credit facility deal with PNC Business Credit, and is the first whole share acquisition to be announced as a result of it.
Founded in 2008, No Debt Now has over 1000 clients and employs 12 staff members, all of whom will be moved to Money Advice Group headquarters, to operate under the Group’s name. A member of DEMSA, No Debt Now boasts an exemplarily reputation within the industry, with a well-trained, high quality employee base, making it an attractive opportunity for Money Advice Group, in terms of both client, and staff, integration. With a significant staff to client ratio and a minimum growth projection, No Debt Now owner and managing director, Michael Paterson took the decision to sell to Money Advice Group in April this year.
Completed in just under five weeks, the No Debt Now deal benefitted from Money Advice Group’s strong IT infrastructure and staffing structure whereby a smooth transition for staff and clients is guaranteed – testament to Money Advice Group’s commitment to its wider growth strategy, in which it hopes to grow its market share by a third, through similar deals such as this.
Simon Brown, Group Managing Director, Money Advice Group commented on the acquisition, and what it means for the company:
“We are delighted to announce the acquisition of No Debt Now. We see many synergies between it and Money Advice Group, specifically its highly compliant ethos and the investment it has made in staff training and development; meaning its clients and staff will fit naturally within the Money Advice Group family.
“In an industry where compliance is often an issue, it is refreshing to be met with such an attractive proposition. With an infrastructure such as ours in place however, we remain open to all other negotiations, and are confident in Money Advice Group’s ability to assist other companies, who perhaps are at a juncture in terms of pathway, given the new OFT regulations.”
Michael Paterson, MD and owner, No Debt Now said:
“It was a pleasure working with Money Advice Group to agree this deal. It took only a five-week period from the initial conversation to completion. The speed at which Simon and the team worked and the support they provided us is a credit to Money Advice Group and confirmed for us, that our clients and staff would be in good hands. Often with deals of this kind, negotiations can go back and forth for months, but Simon and the team were as up-front and credible as they could be. They conducted their business with us, the same way they conduct their relationships with clients throughout the Group companies – and it’s testimony to the Group’s continuing success. A great company to do business with, and to leave our clients and staff in the capable hands of.”
ENDS
MONEY MARKETS-Spanish aid to offer CDS fleeting respite - Reuters
* CDS on Spanish bank debt falls, but relief seen short-lived
* Spanish sovereign CDS prices reverse, up on the day
* Greek vote outcome could push Euribor/OIS spread wider
LONDON, June 11 (Reuters) - The cost of insuring Spanish bank debt fell on Monday after euro zone finance ministers agreed to lend the country money to shore up its ailing financial system but the relief was seen short-lived before make-or-break Greek elections this weekend.
Officials agreed on Saturday to lend Spain up to 100 billion euros ($125 billion) but the relief offered by this mammoth sum in bond markets was fleeting as markets punished Spain's bonds for the lack of detail.
The cost of insuring debt issued by Spanish banks fell but the sovereign equivalent reversed losses and stood higher on the day. Investors were also concerned about this weekend's Greek elections, the result of which could be decisive for the country's membership of the euro.
"I think essentially the rally fades a bit and the gloss comes off the rescue, but we don't necessarily hit CDS wides again unless the macroeconomic environment deteriorates because of Greek elections for example," Michael Hampden-Turner, credit strategist at Citigroup said.
A bank bailout would make Spain the fourth and largest euro zone country to seek assistance since the crisis began.
The cost of insuring debt issued by Santander fell 18 basis points to 390 bps. The BBVA equivalent shed 24 bps to 420 bps, according to Markit data.
That compared to a record high of 460 bps for Santander hit in November and of 490 bps for BBVA in May.
Spanish five-year CDS prices reversed earlier losses and were up 11 bps on the day at 595 bps, not far from record highs of 600 bps hit earlier this month. Spanish yields also reversed to stand up 20 bps on the day at 6.45 percent.
"We've seen in the past - with bailouts of Greece, Portugal and Ireland - that the rallies have proved fairly transient," Gavan Nolan, Markit analyst said.
"It's just a transfer of debt from the private sector to the official sector... It certainly doesn't solve the issue."
DETAILS
No precise bailout figure was set because Spain said it needed time for an independent assessment of the capital needs of its banking sector, which is due to be delivered in less than two weeks. There were also questions over how it would be structured and whether it would come with conditions.
Spain faces supervision by international lenders after a bailout for its banks agreed at the weekend, EU and German officials said on Monday, contradicting Prime Minister Mariano Rajoy who had insisted the cash came without such strings.
It is unclear what burden the rescue would place on Spain's finances which is already stretched as the country struggles with recession and high unemployment.
"We have got a lot of things that are still unknown," Hampden-Turner said. "The risks are: you have got a more sovereign debt, it could get downgraded; there will be conditions that are attached to the loan which we don't know yet. Beyond that, such measures are unpopular, which makes it harder for politicians to make tough decisions and push them through in the months ahead."
Fitch already slashed Spain's credit rating last week, leaving it just two notches short of junk status. Cuts to individual Spanish banks' ratings are due to follow, which could eventually make it more costly for them to use repurchase markets to raise short-term cash. Money market traders were evenly split on whether the Spanish bank bailout will make the banks more or less reliant on the European Central Bank's funding operations, a Reuters poll showed on Monday. Key measures of financial stress were broadly steady on Monday after the bailout offer was agreed at the weekend.
The spread between three-month Euribor rates and overnight indexed swap rates was little changed on the day at 41 bps, having traded around that level since late March after two rounds of cheap ECB financing.
Alsessando Giansanti, strategist at ING, said further tightening of that spread would be difficult given the risks attached to European banks' growing exposure to riskier domestic debt. Given the ample liquidity in the system, only an anti-austerity outcome to the Greek election would take the spread sharply wider, to say 60 bps, he said.
Forex: USD/CAD climbs above 1.0300 - FXStreet.com
FOREX-Euro gains on relief at Spain aid deal - Reuters UK
* Gains seen limited ahead of Greek elections
* Details of bailout deal remain unclear
* China data better than feared, also helps risk assets
LONDON, June 11 (Reuters) - The euro rose on Monday after Spain secured aid for its banks, allaying some of the concerns about the country's debt problems, but the currency's gains were seen limited as investors were cautious ahead of elections in Greece at the weekend.
The euro zone agreed to lend its fourth-largest economy up to 100 billion euros to reassure investors and prevent a run on banks.
But traders and analysts said the details of the bailout deal were still unclear and that concerns would remain about Spain's large debt burden given the country's economy remains stagnant.
The euro rose more than 1 percent to hit a three-week high of $1.2672 in Asian trade, pulling away from a near two-year low of $1.2288 hit earlier this month.
However, it ran into selling in the European session and was last up 0.7 percent at $1.2611.
"It is positive that politicians have reacted so quickly and ahead of the Greek elections, and this will hopefully contain the risks within the Spanish banking sector," said Niels Christensen, currency strategist at Nordea in Copenhagen. "But it is not going to boost the Spanish economy so there is still a mountain to climb to control the debt situation.
"The euro will continue to be vulnerable ... poor economic data and low growth or recession is the worst scenario for dealing with a debt crisis".
Technical analysts said further gains could see the euro rise towards $1.2837, its 50 percent retracement of its decline from March peak of $1.3386 to June 1's two-year low. However, many traders were sceptical and said it was unlikely to rise beyond $1.2750.
Against the yen, the single currency rose to 100.90 yen , its highest level in more than two weeks, before retracing to trade up 0.8 percent at 100.25 yen.
"Euro zone leaders rose to the occasion. They had no choice. The Spanish bailout means Europe will not permit 'runs' to sink their banking system," said David Kotok, chairman of Cumberland Advisors.
Better-than-expected data out of China over the weekend also boosted riskier assets, helping the euro.
The data was not as bearish as many traders had feared following Beijing's first interest rate cut since the global financial crisis on Thursday.
GREEK ELECTIONS
Traders warned optimism would be temporary given caution before Greek elections on June 17, where the result could intensify worries about whether Greece could leave the euro. Parties that support and oppose the debt-stricken country's international bailout are neck-and-neck in opinion polls.
With the terms of the Spanish deal still not clear, there were also worries that other countries which have received a bailout -- Greece, Portugal and Ireland -- may protest that Spain was offered better terms than they were.
"If the euro zone will have much looser conditions for Spain, then countries like Ireland will probably call for the same conditions as well. It's not going to be easy to decide on those details," said Seiya Nakajima, chief economist at Itochu Corp in Tokyo.
Underscoring the prevailing bearish sentiment, bets against the euro surged to a record high in the week to June 5, while net long U.S. dollar positions extended gains, according to the Commodity Futures Trading Commission.
"I don't think people will take off short euro bets ahead of the weekend and the Greek elections," Nordea's Christensen said.
The higher-yielding and riskier Australian dollar was up 0.6 percent against the U.S. dollar at $0.9968.
The dollar index was down 0.6 percent at 82.022 but above an earlier 2-1/2-week-low of 81.785. (Additional reporting by Antoni Slodkowski in Tokyo; Editing by Toby Chopra)
Money Pros: Pay off credit cards first, before tackling a home equity loan - New York Daily News
The Money Pros are standing by to take your questions.
Q. I recently came into some extra money ($5,000) and want to use it to pay off some debts.
I have numerous credit cards, most of them with balances below $500, but they have high APRs.
I also have a home equity loan of just below $12,000 with an APR of 4.75%. It has three and a half years left on it. My payment for that loan is $300 a month.
What do you suggest I use my money for? Do I pay down, or off, the credit cards, or keep paying down the home equity loan?
A. While your home equity loan may be tax deductible, your credit cards are not.
By holding on to them, you are accumulating higher costs for the items you bought. I suspect that your credit cards have a higher rate than the 4.75% you are paying on your home loan. Therefore it is wise to repay the credit cards first.
Within this group, I suggest you retire the debt on some of the cards. Pick the highest rates, pay them off first, and cut the cards up.
No need to close the cards since the rating agency looks at the value of your outstanding debt and your available credit.
If you have money left at the end, begin an emergency fund with the balance.
In the future, try to spend money you have available. By not using credit cards or by paying them off immediately, you will avoid racking up high interest rate charge and gain better control of your finances.
Since you came into an unexpected $5,000, pat yourself on the back and take your loved ones out to dinner to celebrate. Spend no more than $100, while you still have that debt.
Karen Altfest
Karen Altfest is a certified financial planner and a principal advisor at Altfest Personal Wealth Management.
Do you have a question for the Money Pros? Send it to Phyllis Furman at pfurman@nydailynews.com.
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